The real estate investment trust that is an owner of the Outlet Shoppes at El Paso filed for Chapter 11 reorganization last week.
CBL Properties made the announcement on Nov. 3 that it intends to restructure portions of the company’s debt.
The outlet mall is owned by CBL Properties and by Horizon Group, which is in charge of management and day-to-day operations, said Stacey Keating, a senior director of public relations and communications at CBL.
“The process will have no impact on the operations at The Outlet Shoppes at El Paso,” Keating said in an email. “All CBL’s properties will continue to operate as normal and customers can expect business as usual throughout this process.
“We expect this process to facilitate our financial restructuring, allowing CBL to emerge in a stronger financial position to continue to serve our communities for years to come.”
A news release from CBL states that its business as usual for all CBL properties. The company has about $258 million in cash on hand, according to the release.
CBL is headquartered in Tennessee and owns 107 properties in 26 states, totaling more than 66 million square feet.
Horizon Group last year put out an offering memorandum to potential buyers. The Outlet Shoppes, located in Northwest El Paso, is one of the region’s most successful malls and was valued at $74 million.
Retailers at the outlets in 2018 netted about $154 million in sales, a 4.7% increase over the previous year.
Email El Paso Inc. reporter Sara Sanchez at email@example.com or call (915) 534-4422.